Which major US oil company produced more in the first quarter of this year: ExxonMobil, Chevron or ConocoPhillips?
Well, according to its first quarter results, Exxon took the top spot with 3.831 million barrels of oil equivalent per day, followed by Chevron with 2.979 million barrels of oil equivalent per day, and Conoco with 1.792 million barrels of oil equivalent per day. day.
Exxon’s production rose from its fourth-quarter production figure of 3.822 million barrels per day and its first-quarter 2022 production figure of 3.675 million barrels per day, its latest release showed results Chevron’s production figure was down from its 4Q production of 3.011 million barrels per day and its Q1 2022 production figure of 3.060 million barrels per day, while Conoco’s production rose from its first-quarter 2022 production figure of 1.747 million barrels per day, Chevron and Conoco’s first-quarter earnings statements are described.
ExxonMobil
ExxonMobil increased its net oil and gas production by nearly 300,000 barrels of oil equivalent per day compared to the first quarter of last year, excluding divestments, rights and the expropriation of Sakhalin-1, the company noted in its latest results statement. This increase was driven by advantageous projects in Guyana and the Permian, the company noted.
The company’s net production of crude oil, natural gas liquids, bitumen and synthetic oil in the first quarter was 2.495 million barrels per day, according to its first quarter release. The US accounted for 820,000 bpd, Asia accounted for 749,000 bpd and Canada/other Americas accounted for 670,000 bpd, the statement said.
Exxon’s first quarter net available-for-sale natural gas production was 8.016 billion cubic feet per day, with Asia accounting for 3.597 billion cubic feet per day, the United States with 2.637 billion cubic feet per day day and Australia/Oceania with 1.276 billion cubic feet. feet per day, the statement revealed.
“We are adding value by ramping up production from our preferred assets to meet global demand,” Darren Woods, Exxon’s chairman and CEO, said in the company’s earnings statement.
“At the same time, our Low Carbon Solutions team is rapidly growing this new business with an additional carbon capture, transport and storage deal that underlines the company’s growing drive to provide industrial customers with carbon reduction solutions large-scale emissions,” he added.
Chevron
In the first quarter, Chevron’s U.S. net upstream oil equivalent production was 1.167 million barrels per day, while its international upstream oil equivalent production was 1.812 million barrels per day, according to the company’s results statement.
U.S. upstream earnings were lower than a year ago, mainly due to lower completions, the company said in the statement, adding that net oil-equivalent production was down slightly from the first quarter of 2022, “primarily due to the sale of Eagle Ford assets.”
Chevron disclosed in the statement that its international earnings in the first quarter were lower than a year ago “primarily due to lower realizations, lower sales volumes and higher tax charges related to changes in the income tax energy benefits in the UK, partially offset by lower operating expenses.”
Net oil-equivalent production was down 64,000 barrels a day from a year earlier, mainly due to the end of the Erawan concession in Thailand, the company said in the statement.
“We are delivering strong financial results and increasing cash returned to shareholders,” Chevron Chairman and CEO Mike Wirth said in the company’s first-quarter statement.
“At the same time, we are investing more to help grow future energy supplies,” he added.
“We intend to leverage our capital discipline, leveraged assets and financial strength to deliver lower carbon energy to our customers and superior cash distributions to our shareholders,” Wirth continued.
ConocoPhillips
Conoco highlighted in its statement that its production for the first quarter of 2023 marked an increase of 65,000 barrels of oil equivalent per day compared to a year ago, after adjusting for the impacts of closed acquisitions and dispositions.
“This was primarily driven by new wells coming online in the Lower 48 and improved well performance across the portfolio, partially offset by normal field decline and downtime,” Conoco said in its results for first term.
In the Lower 48, first quarter production averaged 1.036 million barrels of oil equivalent per day, including 694,000 barrels of oil equivalent per day from the Permian, 227,000 barrels of oil equivalent from the Eagle Ford and 98,000 barrels of oil equivalent from Bakken oil equivalent, the company described in the release.
“Our first-quarter results are a clear demonstration of the durable, performance-focused value proposition we presented at our recent analyst and investor meeting,” Conoco President and CEO Ryan Lance said in a Conoco’s income statement.
“We achieved record production, advanced our Port Arthur LNG joint venture, received a favorable decision record for the Willow project in Alaska and announced plans to take over the upstream operation and further expand our ownership position to APLNG,” he added.
“We also accelerated our 2030 GHG emission intensity reduction target, advancing our ambition of net zero operational emissions,” he continued.
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